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Playtech Revenues Soar in the Third Quarter

by Hillary LaClair, Senior Editor

Playtech has released its third quarter and 9 month results, showing that the economic crisis has not had an impact on business. While the land casino market has declined considerably in the past months, Playtech has shown another successful quarter and significant growth.

The software provider announced that all reports will be shown in Euro, converting U.S. dollar figures at a rate of $1.5777 to the Euro. Third quarter revenue showed a 67 percent increase to 28.5 million Euro, compared to the 17 million Euro in the same time last year. Online casino revenues increased 69 percent to 20.6 million Euro and poker revenues 60 percent to 7.6 million Euro.

The total revenue for Playtech’s first 9 months were 80.1 million Euro, a substantial 78 percent increased from last year’s 44.9 million. Online casino revenues have increased 75 percent to 57.3 million Euro and poker 88 percent to 21.5 million Euro.

Trading in the start of the fourth quarter has also increased, already showing a 10.6 percent growth in October. There are several factors that can be attributed to Playtech’s recent growth, against all odds.

Playtech signed 4 new license agreements in the third quarter, providing online casino websites to Italy and Spain through Eurobet Italia, Sisal SpA and Cogetech SpA. In the end of September, Playtech’s iPoker network added Mansion to the list, bringing in a large consumer base.

A play money online poker room was introduced to Playtech’s Italian poker network, expected to offer real money system by the end of the year.

The company has made a number of strategic moves and offerings, including its Asian P2P games, a new version of Bingo offered to Europe, Flash Poker and themed casino games such as Gladiator and Untouchables. Playtech also noted in its “Strategic Highlights” section, supplying William Hill Online with online casino, poker and gaming software products in January, under a 5 year contract.

“This has been another strong quarter for the Group in what is traditionally the slowest period of the year,” said Mor Weizer, Playtech CEO. “The addition of new licensees combined with organic growth during the period has resulted in continued growth across all business divisions. Combined with the strong November start, the Board believes that Playtech is well positioned for further growth during the remainder of the year and into 2009.”

“Notable during the period was the groundbreaking sale of certain assets and business to William Hill as well as signing this major company as a new licensee,” Weizer continued. “Playtech is excited to be working with a company with the scale and breadth of William Hill in what we believe will be a very significant deal for Playtech. The transaction is the first in a number of other potentially significant earnings enhancing affiliate acquisition opportunities. The Group continues to pursue significant business opportunities across all the regulated markets and the Board is confident regarding the Group’s trading performances for the rest of 2008 and beyond.”